Principal Upgrades Disability Insurance Occupational Classes for Veterinarians, Educators and More.
Oct 10, 2011
Jamie Fleischner

Jamie Fleischner

10 Oct, 2011

October 4, 2011

Principal Life Insurance Company frequently reviews its underwriting practices. The following changes are effective immediately:


Occupation-based changes

Additional underwriting enhancements

  • Upgrades for occupations primarily within the education and scientific fields
  • 10% Select Occupation Discount available to more professionals
  • Physician occupation classes and duties clarification
  • Business Owner Enhancer available for business owners with 20% or more ownership value
  • O1 and TN VISAS now considered for foreign nationals1
  • Net worth of up to $10 million now considered

Occupation-based changes

Upgrades and 10% Select Occupation Discount
  • These occupations are now classified at a higher occupation class.
  • The following occupations will now receive the 10% Select Occupation Discount2 Optometrist, Biochemist, Biologist, Botanist, Chemist, Geologist, Physicist, Astronomer, Economist, Meteorologist, Sociologist and Zoologist.

To have these enhancements applied to pending or for recently issued policies (those issued after August 1, 2011), email your case coordinator or underwriting contact by Wednesday, November 30, 2011. Note: Your request may have a compensation impact.

Physician Occupation Classes and Duties Clarifications

To make it easier when classifying physician occupations, Principal Life has expanded their occupation listing. Please note, due to the invasive procedures routinely performed by certain specialty physician occupations, we have reclassified them to better reflect their actual day-to-day duties.

In some cases, the clarification of occupation class and duties could impact pending sales, possibly resulting in a lower occupation class. Until Wednesday, November 30, 2011, Principal Life will issue policies at the most favorable occupation class available – if the illustration submitted with the application is dated prior to this announcement.

Business Owner Enhancer

The Business Owner Enhancer provides an opportunity for business owner clients to increase their occupation class by up to two levels. Now business owners with 20% or more ownership are considered for the program; if their responsibilities include sales, administration and/or management –with no more than 20% of their duties being physical or manual.

Additional underwriting enhancements

Foreign Nationals

In addition to the H1B, L1 and J1 Visas, the following Visas are now considered1:

  • O1 Visa; available for individuals who have extraordinary abilities in sciences, education or business.
  • TN Visa; available for Canadians or Mexicans who work in the U.S.  
Up to $10 Million Net Worth

Individuals with net worth up to $10 million are now being considered for individual disability insurance. For a net worth between $6 and $10 million, individual consideration for benefit availability is based on the individual’s “asset mix, nature and type.”

Questions: Contact Set for Life Insurance today! 888-553-3559

For more information about Principal, visit the Principal webiste today!

1 Some individual restrictions by state may apply.
2 To receive the 10% Select Occupation Discount, the occupations listed (with the exception of Optometrist) must hold a PhD and perform office and/or lab duties.

 In addition to the above listed changes, Set for Life offers discounts on individual disability insurance through Principal and other companies.

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